WeWork Nails Down 64K SF of Space on West 42nd Street
By Rey Mashayekhi February 22, 2017 7:00 pm
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Shared workspace provider WeWork, one of the most prolific consumers of office space in New York City, has inked a 64,390-square-foot lease at the historic Bush Tower at 130 West 42nd Street, according to the New York Post.
WeWork agreed to take the space—occupying the entire fifth through eighth floors of the 29-story, century-old office tower, located between Avenue of the Americas and Broadway—earlier this month. Asking rents at the 250,000-square-foot property range up to the mid-$70s per square foot, according to the Post.
Lance Korman of Newmark Grubb Knight Frank represented WeWork in the deal, while a JLL team of Mitch Konsker, Frank Doyle, Clark Finney, Betsy Buckley and Harlan Webster represented the landlords, Tribeca Associates and Chinese developer Vanke.
Neither Korman nor representatives for JLL immediately returned requests for comment.
Vanke acquired a controlling leasehold interest in Bush Tower from Tribeca Associates and Meadow Partners for $125 million in 2015, according to The Real Deal. The deal saw Tribeca Associates retain a stake in the ground lease and continue to operate the building, while Meadow Partners was bought out entirely.
Tribeca Associates and Meadow Partners had previously purchased the Bush Tower ground lease from American Properties for a reported $65 million in 2013 and embarked on a renovation of the building helmed by architecture firm Fogarty Finger.
